The local bourse has continued to trade flat, tracking close to last Friday’s close of 8,542 points.
Treasurer Jim Chalmers highlighted the need for broad sweeping tax reforms in a speech to the National Press Club in Canberra today. This makes live the prospect of tax reform above and beyond those taken to the recent election.
To the sectors, IT was by far the best performer, followed by Industrials and Staples. Miners were sold off heavily, with Materials down around -1.8% in early afternoon trade.
In the Green
Investors have reacted positively to Karoon Energy (ASX:KAR) securing 100% interest in six offshore blocks in Brazil’s Santos Basin following its participation in the ANP’s fifth permanent offer bid round for concession contracts on June 17.
Motio (ASX:MXO) has climbed more than 20% after the company upgraded its FY25 financial guidance following stronger-than-expected trading conditions after the federal election.
And Lithium Universe’s (ASX:LU7) stock has charged +33% higher in intra-day trade on news it’s set to acquire the global rights to a revolutionary solar panel recycling technology developed by Macquarie University.
In the Red
Block Inc (ASX:XYZ) traded down around 2% this afternoon as investors sought safe havens amid escalating tensions in the Middle East. The company has shed roughly a third of its value so far this year.
Catalyst Metals (ASX:CYL) retreated in intra-day trade on results of infill drilling at its Trident Gold Project. The news did not meet investor expectations, sending the stock lower.
Investors bailed on Coronado Global (ASX:CRN) on execution of its Asset-Based Lending facility which provides up to US$150 million in secured funding.
And finally, investors dumped Pilbara Minerals (ASX:PLS) today as lithium stocks fell further out of favour. The weakness may be due to both lower lithium prices, and investors looking to de-risk due to rising tensions in the Middle East.